Business, 05.11.2020 18:50 crazyquestions71

On September 1, Kennedy Company loaned $100,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? a. Debit Interest Expense, $12,000; credit Interest Payable, $12,000
b. Debit Interest Expense, $4,000; credit Interest Payable, $4,000
c. Debit Interest Receivable, $4,000; credit Interest Revenue, $4,000.
d. Debit Interest Receivable, $12,000; credit Cash, $12,000
e. Debit Cash, $4,000; credit Interest Revenue, $4,000.

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On September 1, Kennedy Company loaned $100,000, at 12% annual interest, to a customer. Interest and...